COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES

10. COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES

Operating Lease

The Company is currently obligated under two operating leases for office spaces and associated building expenses. Both leases are on a month-to-month basis at a monthly rate of $525 and 650, respectively.

Seaport Group Enterprise LLC is located at 2533 Folex Way, Spring Valley CA 91978, where they occupy an aggregate of approximately 12,000 square feet pursuant to the lease. The 5-year leases are on an annual basis starting at a monthly rate of $15,345.00 per month.

The Company on December 1, 2019, entered into a lease agreement for a facility site for office space for Seaport Meat Company. The lease has a term of five years expiring on November 30, 2029.

Future minimum lease payments, as set forth in the lease, are below:

YEAR	AMOUNT
2023	$	177,000
2024	$	177,000
2025	$	177,000
2026	$	177,000
2027	$	162,250

Concentration Risk

The Company is potentially subject to concentration risk in its sales revenue and from a major supplier of goods for sale.

Major Customer

The Company has one major customer that accounted for approximately 52% and $14,157,385 of sales for the nine months ended September 30, 2023. The Company expects to maintain this relationship with the customer.

Major Vendor

The Company has one major vendor that accounted for approximately 66% and $11,625,590 of cost of sales for the nine months ended September 30, 2023. The Company expects to maintain this relationship with the vendor.